The Tajik authorities pledge to complete construction of the Rogun Hydroelectric Power Plant without Russian Aluminium's help

Interfax reported that Russia, Kazakhstan, Belarus, Kyrgyzstan, Tajikistan and Armenia signed an agreement to form a common CIS electricity market. According to article published by Institute for War and Peace Reporting, Gulnur Rakhmatulina, a leading economic expert at the Kazakstan Institute for Strategic Studies, the agreement as “a huge breakthrough” that will improve the potential for energy investment in Central Asia. “It will be a major factor in securing sustained economic growth, and will open up opportunities for investment to flow into Central Asia to build powerful hydroelectric plants,” she said. back to headlines

National Development Strategy for 2015 was presented at Tajikistan Developed Forum

Tajikistan Development Forum, previously known as Tajikistan Consultative Group held its meeting in Dushanbe on June 2, 2007. According to Presidential Press Service one of the major goals for the Government of Tajikistan is implementation of the national Development Strategy for 2015 (NDS), whish is based on the following areas: public sector management reforms, attraction of investments, development of the private sector, expanding human opportunity, and resolution of cotton farms’ debts. According to President Rahmon, development of hydropower sector, industry, infrastructure, agriculture and mining are very important for national development. According to Mr. Gulomjon Boboev, Tajikistan Minister of Economic Development and Trade, who presented the NDS, more than $5 billion are necessary to implement the Strategy. Tajikistan already secured $2.25 billion. Overall, implementation of the NDS and Poverty Reduction Strategy Program would require accumulation of more than $13 billion. back to headlines

Source: http://www.president.tj

China Development Bank will sponsor training of Tajik banking specialists

According to the press service of the National Bank of Tajikistan (NBT), China Development Bank (CDB) and NBT signed a memorandum of understanding on cooperation in the training of Tajik banking specialists. According to the memorandum specialists from various Tajik banks will have an opportunity to attend short-term training courses at China Development Bank’s training program. The parties also agreed upon setting up a joint training center in Dushanbe to provide training courses to Tajik bankers. back to headlines

Source: http://www.nbt.tj

Orien Bank plans to increase its capital to $46.5m – seeking strategic investors

Orien Bank, Tajikistan’s largest commercial bank is planning to issue additional shares to raise its chartered capital from current $17.4m to $46.5m. Preparatory work is currently in progress. According to the bank’s website this 11^th offering of shares is aimed at attracting strategic investors interested in long-term cooperation with the bank. As of May 1, 2007, 246 local companies in the transport, communication, construction, industry, energy and agribusiness sectors own 82.9% of existing shares; the remaining 17.1% belong to more than 8,500 individual shareholders. back to headlines

Source: http://www.orienbank.com

Tajik Aluminum Company to file $500m lawsuit against United Company Rusal

According to the news agency, Avesta.tj, Tajik Aluminum Company (Talco) filed a lawsuit in the British High Court of Justice against the United Company Rusal. The lawsuit concerns Talco’s allegations that UC Rusal and its branches were involved in actions committed against business interests of the Tajik aluminum producer in 1996 to 2004. back to headlines

Source: avesta.tj

Chinese exhibition was held in eastern Tajikistan

According to the Tajikistan Chamber of Commerce and Industry an exhibition-fair of Chinese consumer goods was held in Khorog (capital of eastern Gorno-Badakhshon Autonomous Region) on June 6 -8. More than 500 tons of consumer goods will be delivered from China on 22 trucks to be displayed at the exhibition. back to headlines

Source: http://www.tpp.tj

Kazkommertsbank planning to establish a subsidiary in Tajikistan – Interfax.kz

According to Interfax.kz – the board of directors of Kazkommertsbank (KKB, a commercial bank in Kazakhstan) approved the decision to organize a branch in Tajikistan, KKB’s managing director Andrei Timchenko said at a press conference in the Interfax-Kazakhstan Press Center in Almaty on June 1^st. According to Avesta.tj KKB will seek no-objection from Kazakhstan’s Finance Control Agency and then apply for banking license to the National Bank of Tajikistan. According to Tajik banking regulations minimum chartered capital of banks is equal to $5m which could be paid in local or foreign currency. back to headlines

Source: interfax.kz

CITIC (China) offers $43m to upgrade the park of locomotives for the State Owned Tajikistan Railways

Avesta.tj news agency reported that China International Trust and Investment Corporation (CITIC) is offering a 25-year $43m loan to Tajikistan Railways to purchase 20 locomotives, thus upgrading 60% of its locomotives park. To secure funding for the transaction CITIC is requesting a sovereign guarantee for repayment to be issued by the Government of Tajikistan. Tajikistan Railways approached the Government to seek the sovereign guarantee. back to headlines

Source: avesta.tj

Aprelevka gold mining company is looking for investors to increase production of gold by 20%

Asiaplus news agency reported that Aprelevka Joint Venture (51% owned by Government of Tajikistan, and 49% by Canadian Gulf International Minerals) developed two investment projects worth $8m to mine and process ore at two deposits. Aprelevka is looking for investors to implement these projects, enabling the company to increase its production of gold from 485 kg (15,590 troy oz) to 580 kg (18,650 troy oz). The agency also reported that in 2006 three gold mining companies in Tajikistan produced over 3,000 kg (96,450 troy oz) of gold. back to headlines

New cement plant in southern Tajikistan

Asia Plus news agency reported that China’s Xian Yuan company will submit its project to design and built a cement plant in Dangara, southern Tajikistan, by end of June, 2007. According to Tajikistan Ministry of Foreign Affairs, senior representatives of the company are expected to arrive to Dushanbe for discussions. According to local experts, said Asia Plus in its report, the plant’s production capacity will be 1 million tons a year, while production for first year is estimated at 0.5 million tons. According to local experts the project is estimated at $180 million, while final costs are yet to be finalized. back to headlines

Chinese aviation authorities to consider projects in Tajikistan

Asia Plus news agency reported that a delegation of high ranking officials from China’s Main Aviation Directorate was on a visit in Dushanbe. The main purpose of their visit, according to Civil Aviation Authority of Tajikistan is to discuss investment opportunities to upgrade airports in Tajikistan. back to headlines

International Cotton Trade Investment Opportunities

The World Bank Tajikistan web team has updated its website with some new content. It features the Tajikistan Development Forum held in Dushanbe on June 2, 2007 and the new Brochure on Investment Opportunities in Tajikistan Cotton Sector. Please visit our site http://www.worldbank.org/tj to find out more about these and some other news. back to headlines

Bank Eskhata signed $1m loan agreement with VDK Spaarbank

Asia Plus news agency reported that Khujand based, Bank Eskhata (http://www.eskhata.tj) signed a $1m loan agreement with VDK Spaarbank (http://www.vdk.be). The funds will be used by Eskhata Bank to provide lending products to the small and medium businesses. back to headlines

Chinese major gold producer acquires 75% stake in Tajikistan firm

Xinhua news agency reported that Zijin Mining Group Co., Ltd, a leading gold producer in China, has acquired a 75 percent stake in a Tajikistan gold firm after it wholly purchased a British company that owns a 75-percent stake in the firm. back to headlines

Full story: http://news.xinhuanet.com/english/2007-06/27/content_6299287.htm

Source: Xinhua

Enjik Chemical Company bought Tajikhimprom Joint Stock Company

Asia Plus news agency reported that U.K. based Enjik Chemical Company bought Tajikhimprom Joint Stock Company for 10 million Somoni (approximately $3 million). An international tender was announced by the Tajikistan State Committee on Investments and Management of State Property. According to the terms of tender Enjik Chemical Company has undertaken a commitment to invest up to $20 million to upgrade production facilities at Tajik Chemical Plant – said Deputy Chairman of the State Committee on Investments and Management of State Property. Tajikhimprom was incorporated in 1999 on the basis of state owned Yovon Chemical Plant; the Plant is one of the three in the CIS to produce caustic soda, liquid chlorine, and etc. back to headlines

Source: Asia Plus

Acquisition of ATF-Bank by UniCredit Group will not impact Sohibkor Bank

Asia Plus news agency reported that acquisition of ATF-Bank (Kazakhstan) by UniCredit Group (Italy) will not impact Sohibkor Bank. Earlier this year ATF-Bank acquired Sohibkor Bank (Tajikistan). Integration of Sohibkor Bank into ATF-Bank still on-going – said top management of Sohibkor Bank. ATF-Bank will be integrated into Bank Austria Creditanstalt, a retail banking division of UniCredit Group. back to headlines

Sources: Asia Plus, Bank Austria Creditanstalt

Tajik Air leased Boeing 737-200 aircraft

Asia Plus news agency reported that a Boeing 737-200 aircraft was leased by Tajik Air (State Owned Company). According to press statement made by Tajik Air, the aircraft will be providing services on routes from Khujand and Dushanbe to various cities in Russia, Iran, Kazakhstan and the Kyrgyz Republic. back to headlines

Source: Asia Plus

More than 200 businessmen from Tajikistan will visit Trade Fair in China

According to Tajik Chamber of Commerce and Industry more than 200 businessmen were recruited by the Chamber to visit a Trade Fair in Chian’s Kashgar area. back to headlines

Source: www.tpp.tj

Foreign trade turnover for January-May reached $1.5 billion

According to State Committee on Statistics, foreign trade turnover of Tajikistan for January-May 2007 amounted to approximately $1.5 billion, up by 21.8 percent for the same period in 2006. The trade balance was negative at $256.5 million. back to headlines

Source: State Committee on Statistics, local press

Remittances through Agroinvestbank up 40%

Agroinvestbank reported that more than $160 million were remitted through the Bank in January-May, up 40% compared to the same period in 2006. The Bank said everyday the bank provides its money-transfer services to 2,000 customers, processing up to $2.5-3.0 million in various money-transfer systems. back to headlines

Source: Agroinvestbank

Official opening of Asia Grand Hotel in Dushanbe

Avesta News Agency reported that official opening of Asia Grand Hotel was held in Dushanbe on June 25. The project belongs to Koni Don LLC, a Tajik company, who fully financed the construction works. A 5-storey hotel building with 45 hotel rooms, several luxury apartments, conference facility, fitness center, restaurants and entertainment facilities. According to Koni Don, construction was launched in late 2004; financial details of the project were not disclosed. back to headlines

Source: Avesta News Agency

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